The quadrennial event, due next month for Litecoin and around April 2024 for Bitcoin, is part of the process of capping the supply of the tokens to 84 million and 21 million, respectively.
Litecoin’s performance over the past 12 months beat Bitcoin’s advance of about 39% as well as the 22% increase in a gauge of the largest 100 tokens.Halving is among a confluence of variables contributing to Bitcoin’s partial rebound this year from a 2022 crypto rout sparked by tightening monetary policy and exacerbated by blowups such as the FTX exchange’s implosion.Other tailwinds for the token include optimism about increasing demand if BlackRock Inc.
An institutional-only crypto exchange, EDX Markets, also recently went live with backing from billionaire Ken Griffin’s Citadel Securities as well as Fidelity and Charles Schwab Corp.While Bitcoin hit records after each of its last three halvings, the current outlook for crypto is clouded by the prospect of more central bank interest-rate hikes to tighten liquidity and curb inflation.
Traditional markets “seem to be entering a more risk-off mood – we can’t yet assume that Bitcoin will just shrug that off,” wrote Noelle Acheson, author of the“The especially interesting story will be how Bitcoin behaves when the stock market correction eventually arrives in earnest,” she added. Bitcoin and Litecoin remain well below record peaks achieved in 2021. Litecoin traded at about $98 as of Friday afternoon in New York, compared with $413 during a pandemic-era bull market.
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